I took some chips off the table in my WYNN short, and sold out of my UGAZ long today inside the 12631 Trading Service.

I took those chips up to the “cage,” as it is known in the casino, or the cashier. I did this mainly as Steve Wynn will be stealing the show on his earnings call next week.

Here was my note to members about WYNN:

Covered 1/2 of 1/2 (position) $WYNN short @ $204.37 from $212.18 entry to lock in partial profits into today’s weakness. Earnings are coming up next week so I am inclined to take gains rather than add to a winner. 1/4 position short left.

Overall, the market has an orderly feel to it for a down day on the Dow. This can be construed as either a good sign of a lack of panic or, instead, an ominous sign of complacency and more pain ahead.

Simply put, I am focusing on what is working well, which continues to be sniper shorts, natural gas and metals/miners longs. Obviously, the miners have been outperforming the metals. So, I am betting the metals will play catch-up.

As far as long ideas, keep an eye on a name I have previously mentioned as a beaten-down short squeeze candidate: ARIA, for further strength.

Two 10-minute timeframes here.

Gold miners triangulating in a symmetrical manner (highlighted on first chart below) at the apex. Watch to see if the upside momentum continues. I still have a piece of NUGT left on long inside 12631.

And the QQQ ETF is at the apex of a triangle in a downtrend (only on this timeframe, of course).

I am watching to see how these consolidations resolve this afternoon. Typically, the prior trend on this timeframe, up for miners and down for the Q’s, suggests that will control the directional break.

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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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Even though McDonald’s is green after earnings, the technicals remain suspect. On the daily chart, first below, note the declining 50 and 200-day moving averages, while price struggles to find footing. I am back to looking at this as a short setup if price breaches $95.

Also note Herbalife’s weekly chart, second below, one we have observed before. The stock went roundtrip and even overshot prior highs from 2012. Now, however, overhead supply is kicking in, among other things, and the news is likely combining with this technical circumstance to sustain selling pressure.

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That is most of my book, and has been for a while now, inside 12631. I have a few other positions on, such as WYNN short. But, for the most part, I am focused on those parts of the market where I can pick up alpha if the very extended, popular (and crowded) momentum plays unwind further.

The miners have been great for me, playing NUGT, while the metals had been laggards.

This morning, though, the metals are showing some heart, with both silver and gold threatening inverse head and shoulders bottom daily chart upside breakouts which I have profiled for your previously.

Keep an eye on the coffee ETN, JO, which I am still long, to see if it recaptures $23 to the upside after some recent pulling back.

Back with some more ideas in a bit.

Drop me your top morning tickers.

Here is that updated monthly chart for Big Blue, IBM, after earnings. Note that $172 remains critical, multi-year downside support to observe. While it is true the consolidation since 2011 has been a sloppy and lagging, that support level has held thus far. Watch it.

Some long ideas to watch on strength: CROX NM NYNY TK, and the three semis listed last night: KLAC LRCX ONNN.

Short ideas: NKE UA

What is at the top of your watchlist this morning?

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